Bybit vs Binance: A Comprehensive Comparison 2023

Dean Dec29 April, 2023

binance vs bybit logos

Binance and Bybit are two popular exchanges, each offering unique features and benefits to their users.

In this comprehensive comparison Binance vs Bybit, two of the most prominent and popular exchanges in the crypto space, we’ll provide you with valuable insights to help you make an informed decision.

Discover which platform outperforms the other in terms of fees, accessibility, trading features, and more.

Bybit vs Binance General Overview

Feature Binance bybit gielda
Founded 2017 2018
Founder Changpeng Zhao Ben Zhou
Specialization Crypto Spot, Margin, Futures Trading Crypto Derivatives Trading (Perpetual Contracts)
User Interface Basic and Advanced Simple and User-friendly

Binance Exchange

Binance is a leading cryptocurrency exchange founded in 2017 by Changpeng Zhao. It has grown rapidly and is now one of the largest and most popular exchanges in the world.

Binance platform offers a wide variety of pairs for crypto trading, as well as advanced features like margin trading and futures trading.

Bybit exchange

Bybit is a cryptocurrency exchange for crypto derivatives trading founded in 2018 by Ben Zhou. It specializes in offering leverage trading for perpetual contracts and has become increasingly popular among most crypto traders.

Bybit provides a user-friendly interface and focuses on offering a seamless trading experience.

When considering which exchange is right for different types of traders, it’s essential to look at the unique features and offerings of Binanceustom and Bybit.

Binance: what we like:

  • Low trading commissions
  • The user interface of the mobile application
  • Supports a wide range of cryptocurrencies
  • Cashback with Binance card

Binance: what we don’t like

  • Has been hacked in the past
  • No license from the financial regulator, as is the case with online trading brokers

Bybit: what we like:

  • Up to 100x leverage on crypto
  • Their advanced tools supported by great technology
  • Copy trading feature

Bybit: what we don’t like

  • Not suited to spot trading
  • Not available in the U.S.

So who is each of the cryptocurrency exchanges right for?

Who is Binance right for:

  1. Diversified traders: Binance is suitable for traders who want to diversify their trading strategies by participating in spot, margin, and futures trading.
  2. Altcoin enthusiasts: With an extensive list of supported cryptocurrencies and trading pairs, Binance is an excellent choice for traders interested in exploring altcoins and lesser-known tokens.
  3. Beginners and advanced users: Binance offers both basic and advanced trading views, catering to users with varying levels of experience and expertise.

Who is Bybit right for:

  1. Leverage traders: Bybit is designed primarily for traders who are interested in leverage trading, offering up to 100x leverage on perpetual contracts.
  2. Simplicity seekers: Traders seeking a straightforward and user-friendly platform will appreciate Bybit’s streamlined interface, which focuses on providing an easy-to-navigate experience.
  3. Risk management focused: Bybit offers a mutual insurance feature, which can be helpful for traders looking for additional risk management options to protect their positions.

Overall Binance is well-suited for advanced and professional traders looking for a comprehensive trading platform with multiple options and a broad range of supported assets, while Bybit is more appropriate for traders who prefer a simpler interface focused on leverage trading through perpetual contracts.

User Experience and Interface

Binance trading interface is feature-rich and customizable, catering to both beginners and experienced traders. Binance users can choose between a basic and advanced trading view, depending on their familiarity with trading tools and indicators.

The platform also offers a mobile app for trading on the go, as well as API access for algorithmic trading.

Bybit

The Bybit trading interface is designed with simplicity and user-friendliness in mind. The platform is easy to navigate and focuses on providing a seamless trading experience for perpetual contracts.

Bybit also offers a mobile app and API access, allowing users to trade and manage their positions from anywhere.

In fact I think both Bybit and Binance offer leading trading apps, that have intuitive interface with a level only few exchanges can offer.

Trading Pairs, Liquidity, and Volume

Feature Binance bybit gielda
Trading Pairs 500+ 370
Liquidity High Adequate
Trading Volume High (Top-ranked) Moderate (Top-ranked for perpetual contracts)
Winner: Binance
It takes the lead in this category, offering a larger number of trading pairs and consistently higher liquidity and trading volume compared to Bybit. Binance’s extensive selection of trading pairs and its status as a market leader make it a more attractive choice for traders seeking diversity and high liquidity.

Bybit vs Binance Fees

Feature Binance bybit gielda
Fee Structure Tiered, based on trading volume and BNB holdings Maker-taker fee structure
Maker Fee 0.1% (can go as low as 0.02% for high-volume traders) -0.025% (rebate)
Taker Fee 0.1% (can go as low as 0.02% for high-volume traders) 0.075%
Max Leverage 5x (Margin Trading), 125x (Futures Trading) 100x (Perpetual Contracts)

Winner: Bybit

Bybit emerges as the winner in terms of fees and leverage due to its competitive fee structure and higher leverage options for futures trading. While both exchanges have similar fee structures, Bybit’s slightly lower trading and withdrawal fees make it a more cost-effective choice for traders.

Security Comparison: Binance vs Bybit

Security Feature Binance crypto exchange bybit crypto exchange
Two-Factor Authentication (2FA) Yes (SMS or Authenticator App) Yes (Authenticator App)
Cold Storage Yes (Significant portion of funds) Yes (Multi-signature cold wallets)
Specialized Fund for Security SAFU Fund Not available
Withdrawal Address Whitelisting Yes Yes
Anti-Phishing Code Yes Not available
Real-Time Risk Management Yes Yes
Asset Segregation Not explicitly mentioned Yes
Secure Infrastructure Yes (DDoS protection, SSL, etc.) Yes (DDoS protection, SSL, etc.)

When it comes to choosing a cryptocurrency exchange, security is a crucial factor. Both Binance and Bybit have implemented highest crypto industry security standards to protect users’ assets and personal information.

Below is an in-depth comparison of the security features offered by both platforms.

Binance security features

Binance employs a multi-layered security approach to protect its users and their funds:

  1. Two-Factor Authentication (2FA): Binance requires users to set up 2FA, either through SMS or an authenticator app like Google Authenticator, to secure their accounts further.
  2. Cold Storage: A significant portion of users’ funds is stored in cold wallets, which are offline and less susceptible to hacks.
  3. Secure Asset Fund for Users (SAFU): Binance has established the SAFU fund, which allocates 10% of all trading fees to protect users’ funds in the event of a security breach.
  4. Withdrawal Address Whitelisting: Users can whitelist specific withdrawal addresses, ensuring that funds can only be withdrawn to pre-approved addresses.
  5. Anti-Phishing Code: Binance allows users to set a unique anti-phishing code, which is displayed in all official Binance emails to verify their authenticity.
  6. Risk Management: Binance utilizes advanced risk management systems, including artificial intelligence (AI) technologies, to detect and prevent potential security threats.

Bybit security features

Bybit also employs stringent security measures to protect its platform and users:

  1. Two-Factor Authentication (2FA): Similar to Binance, Bybit mandates 2FA for added account security, using an authenticator app like Google Authenticator.
  2. Cold Storage: Bybit stores the majority of users’ assets in multi-signature cold wallets, ensuring that funds are offline and less vulnerable to hacks.
  3. Real-Time Risk Management: Bybit utilizes a real-time risk management system that monitors positions, liquidations, and margin balances to minimize potential losses.
  4. Withdrawal Address Whitelisting: Users have the option to whitelist specific withdrawal addresses, increasing the security of their funds.
  5. Asset Segregation: Bybit segregates client assets from company assets, providing an added layer of protection in case of insolvency or other issues.
  6. Secure Infrastructure: Bybit’s infrastructure is designed with multiple layers of protection, including DDoS protection, secure sockets layer (SSL) encryption, and regular security audits.

Both Bybit and Binance prioritize security and have implemented comprehensive measures to protect users and their assets.

While no platform can guarantee absolute security, Binance and Bybit are considered highly secure exchanges within the industry.

It’s essential for users to practice good security habits, such as using strong, unique passwords and enabling two-factor authentication, to further protect their accounts.

Winner: Binance

Binance has a slight edge in security, with additional features such as the SAFU fund and anti-phishing code not found on Bybit. Though both exchanges prioritize security and offer robust protection measures, Binance’s added security features give it a competitive advantage.

Deposit and Withdrawal Options

Feature Binance bybit gielda
Deposit Options Credit cards, Bank transfer, P2P, Cryptocurrencies Credit cards, Bank transfer, P2P, Cryptocurrencies
Withdrawal Options Bank transfer, P2P, Cryptocurrencies Bank transfer, P2P, Cryptocurrencies
Fiat Currencies Multiple supported 6 fiat currencies
Winner: Draw

Trading Tools and Features

Feature Binance bybit gielda
Spot Trading Yes No
Margin Trading Yes No
Futures Trading Yes No
Perpetual Contracts Yes Yes
Staking Services Yes No
Savings Product Yes No
Mutual Insurance No Yes
Algorithmic Trading Yes (API access) Yes (API access)

Binance offers a wide array of trading tools, including spot trading, margin trading, futures, and staking services.

Additionally, Binance has an extensive range of pairs, supports algorithmic trading, and offers a savings product for earning passive income on your cryptocurrency holdings.

Bybit specializes in leverage trading for perpetual contracts, offering up to 100x leverage on supported trading pairs.

While the platform doesn’t have as many trading pairs as Binance, it does support algorithmic trading and offers a mutual insurance feature that allows users to hedge against potential losses.

Copy trading

Copy trading is a feature on the Bybit platform that is yet not present on Binance.

It allows users to automatically replicate the trades of successful professional traders. This feature allows novice traders to benefit from the expertise and strategies of experienced traders without having to actively manage their trades or spend hours researching the crypto market.

Supported Countries

Both Binance and ByBit boast an extensive global reach, catering to millions of customers across more than 100 countries.

It’s more straightforward to focus on the countries where these platforms are not supported rather than listing all the countries they serve.

Binance is not available in the United States (however, US residents can access Binance.US), the United Kingdom, China, Malaysia, Japan, Thailand, and Iran.

While Binance has faced regulatory challenges, it is generally authorized by financial regulators in most countries. ByBit, on the other hand, is said to lack such regulatory oversight worldwide. As a result, ByBit has become a popular choice among no-KYC crypto exchanges.

However, some countries have imposed restrictions on the platform, including the United States, China, Singapore, certain regions of Canada, Cuba, and North Korea.

Winner: Binance

Binance offers a more comprehensive range of trading tools and features compared to Bybit, such as staking, token launch platform (Binance Launchpad), and a more extensive selection of trading pairs. These additional features make Binance a more versatile and feature-rich platform for traders.

Binance vs Bybit: Which Exchange Takes the Lead in 2023?

To delve deeper into each of the cryptocurrency exchanges we recommend reading our comprehensive reviews for Binance and Bybit.

Which crypto exchange platform offers more competitive pricing: Binance or Bybit?

Taking into account the low fees provided by Bybit, ranging from its slightly higher to marginally lower trading and withdrawal fees, it appears that Bybit is the more cost-effective option among the two trading platforms. Binance fees are competitive against the entire exchange market but only slightly higher than on Bybit.

Bybit vs Binance: Which platform boasts greater accessibility?

Picking up from two of the most popular cryptocurrency exchanges is a tough task. Given that Binance is accessible through both desktop and mobile devices, while Bybit is exclusively available on mobile, Binance emerges as the exchange platform providing superior accessibility for traders.

Binance vs Bybit: Which Platform Outshines the Other for Traders?

Both of these exchanges continue to receive our unwavering support and admiration. They share many similarities, making it difficult to declare a definitive winner between the two.

What are the primary differences between Binance and Bybit?

Binance is a comprehensive trading platform that offers spot, margin, and futures trading, with a wide range of trading pairs and advanced features. Bybit, on the other hand, focuses on providing a user-friendly platform for leverage trading of perpetual contracts. Binance is generally more suitable for users interested in diversifying their trading strategies, while Bybit caters to traders who prefer a simpler interface for leverage trading.

Binance vs Bybit: Which of the crypto exchanges has lower fees?

Bybit fees tend to be slightly lower than Binance, with a maker-taker fee structure that offers a rebate for maker orders. However, Binance offers a tiered fee structure based on trading volume and BNB holdings, which can result in lower fees for high-volume traders.

Is Binance or Bybit more user-friendly?

Both platforms have user-friendly interfaces, but Bybit is designed to be simpler and more streamlined, focusing on perpetual contract trading. Binance offers both basic and advanced trading views, catering to a wider range of user experience levels.

Which platform is more secure, Binance vs Bybit?

Both Binance and Bybit prioritize security, with measures such as multi-factor authentication, cold storage, and real-time risk management. While both platforms are considered secure, it’s essential to practice good security habits, like using strong, unique passwords and enabling two-factor authentication.

Is there margin trading on Binance and Bybit?

Yes, both platforms offer leverage trading. Binance currently offers up to 20x leverage for futures contracts. They used to offer 125x nut had to decrease it back due to regulatory issues.

Bybit offers up to 100x leverage for trading crypto perpetual contracts.

Comparison Summary


Binance logo
Exchange

ecoinomy rating:

9.1/10

Max leverage 20:1
Deposit fees By card 1,8%; minimum deposit 15 EUR
Trading fees 0.1%
Licences
Cryptocurrencies 650+ BTC logo Criptovalute ETH Criptovalute logo IOTA криптовалута лого BCH криптовалута лого Ripple криптовалута лого DASH криптовалута лого ADA криптовалута лого EOS криптовалута лого LTC криптовалута лого Tezos криптовалута лого NEO криптовалута лого XLM криптовалута лого ZEC криптовалута лого ETC криптовалута лого Omise-Go криптовалута лого
Payment methods Crypto, Visa, MasterCard
Number of users 30.000.000+

Security


Fees


Ease of use


Customer service


Visit site »

bybit logo
Exchange

ecoinomy rating:

9.0/10

Max leverage 100:1
Headquarters Dubai
Deposit fees Card 2%
Trading fees 0,075%
Cryptocurrencies 370 BTC kryptowaluta logo ETH logo della criptovaluta BCH logo della criptovaluta Ripple криптовалута лого ADA криптовалута лого LTC криптовалута лого Tezos криптовалута лого
Payment methods Crypto, Visa, MasterCard
Number of users 3.000.000+

Security


Fees


Ease of use


Customer service


Visit site »

Both Binance and Bybit are powerful and reliable platforms catering to different trading preferences and requirements. While Binance offers a wide range of trading options and an extensive list of supported assets, Bybit focuses on providing a user-friendly experience for leverage trading through perpetual contracts. Ultimately, the choice between Binance and Bybit will depend on your specific trading needs and priorities.

Overall Winner: Binance

While the competition is close, Binance emerges as the overall winner due to its wider range of trading pairs, higher liquidity, comprehensive trading tools and features, and slightly better security measures. However, it’s worth noting that Bybit offers competitive fees and leverage options, making it a strong contender. Ultimately, the choice between these two exchanges comes down to individual preferences and priorities in trading features and options.

Bybit vs Binance Ratings

bybit gielda Binance
Trustpilot Rating 2.8/5 (500+ reviews) 2.0/5 (4,500+ reviews)
Ecoinomy Rating 9.0/10 9.1/10

This table provides an overview of the ratings for Bybit and Binance from Trustpilot and Ecoinomy. Trustpilot is a popular review platform where users can share their experiences and rate different services.

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Author: Dean Dec

Dean is a passionate advocate for the financial freedom and independence offered by Bitcoin and the cryptocurrency space. Enthusiastic about the cutting-edge technology and the dynamic community behind it, Dean enjoys sharing valuable insights and empowering others to embrace the transformative potential of digital currencies.